Stock market opens in green amid mixed global cues
The BSE Sensex opened with a modest rise of 96.95 points at 77,434.54, while the NSE Nifty saw a slight gain of 21.40 points, opening at 23,537.40.
ANI
Jun 20, 2024 09:33 IST
New Delhi [India], June 20 (ANI): The stock market started the trading session on a positive note today, showing cautious optimism amid mixed global cues.
The benchmark indices, Sensex and Nifty, began the day with marginal gains, indicating a tentative start as investors assessed various domestic and international factors influencing market sentiment.
The BSE Sensex opened with a modest rise of 96.95 points at 77,434.54, while the NSE Nifty saw a slight gain of 21.40 points, opening at 23,537.40.
The opening figures reflected a subdued but positive sentiment among traders, with expectations of sectoral performances influencing early trading patterns.
In the initial trading hours, out of the Nifty firms, 35 stocks advanced while 9 declined. The market witnessed varied movements across sectors, contributing to the mixed sentiment prevailing in early trading.
Among the top gainers on the Nifty were Kotak Bank, HDFC Bank, SBI Life, Larsen & Toubro (LT), and Bharti Airtel. These stocks showed strong performance, buoyed by positive market sentiment and sector-specific developments.
Conversely, Sun Pharma, Dr. Reddy's Laboratories, Power Grid, HDFC Life, and NTPC were among the top losers in early trading. These stocks experienced declines, possibly influenced by profit booking, sectoral concerns, or broader market dynamics.
Technically, the short-term trend for Nifty remained bullish as the index held above the 55-hour exponential moving average (EMA), currently positioned at 23,340. This technical indicator suggested that the index was maintaining positive momentum despite cautious trading patterns observed.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Market sentiment was also influenced by global cues, where Asian markets showed a mixed performance. Japan's Nikkei 225 declined by 0.28 per cent, reflecting concerns over global economic conditions, while South Korea's Kospi edged up marginally, indicating resilience in the region."
US markets remained closed for the Juneteenth holiday, providing a neutral backdrop to global trading activities. In Europe, the STOXX 600 slipped by nearly 0.2 per cent, while the FTSE 100 in the UK gained 0.2 per cent, reflecting divergent investor sentiment across European markets.
Commodities markets saw Brent crude futures rise slightly to USD 85.16 per barrel amidst geopolitical tensions involving Israeli tanks in Gaza.
Meanwhile, US West Texas Intermediate crude for July delivery fell to USD 81.40 per barrel on concerns related to increasing oil inventories.
Investors closely monitored China's loan prime rate fixing, expected to remain unchanged following the People's Bank of China's recent decision to stabilize the 1-year medium-term lending facility rate at 2.5 per cent.
This stability in Chinese rates was seen as crucial for maintaining global economic equilibrium.
Overall, while the Indian stock market opened positively, market sentiment remained cautious amid global economic uncertainties and geopolitical developments.
Traders were advised to stay vigilant and watch for further developments that could impact trading sentiment and market direction. (ANI)
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